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teal the pentagon is bracing for $500 billion but that is over the next decade and raises questions how military leaders plan to keep the nation safe. >> last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was word he did not say, that word was, sequester, the sequester would automatically cut more than a hundred billion from the budget next year, half from domestic programs and half from defense programs. as the deadline draws close, experts are looking at national security standpoint and warning one final time about the impact on the safety of our service members. >> it's going to affect the operational force that is deployed in terms of its ability to maintain equipment, to get repair parts. that force is delayed around the world, not just the force in afghanistan that is being reduced. it would impact on the training of the force and preparedness. >> reporter: white house officials say it's unclear what is going to happen. on friday john mccain said he doesn't see how a deal gets done without addressing the cuts. >> a lot of defe
part of some last-second deal. hit the defense department. but the pentagon's real problem is not those cuts, but the ones that are going to be coming over the next decade. we talked to military contractors, top officials at the pentagon. they see a long period of downward decline. that after the war in afghanistan, there's going to be a period of austerity. they're calling it -- they have a term around the pentagon, a very graphic self-amputation as they cut back over the years. and this was one of the reasons that president obama had, at the top of his short list, the former republican senator, still a republican, chuck hagel of nebraska. he's somebody who's talked about the pentagon as being bloated, had very specific ideas about how to cut it. but mike, sam, the table, we're hearing that that trial balloon has been popped. that senator hagel has a possibility for secretary of defense, has really lost a lot of altitude. and what they discovered was, there's not a natural constituency for him. republicans, as you guys know, have fought with him over the years. he was against the war i
, it is not a philanthropic act on the pentagon's part to instruct boeing to build. -- to build in the deficit areas of the u.s. it is pragmatic. the united states federal government -- unless europe is dollarized, unless they do not have dollars to spend purchasing -- unless those who do not have dollars are given dollars to spend purchasing, the net exports of those who have surpluses, then they will stop having surplus. this is the surplus recycling mechanism. thus, we have the 20 years of the golden age. the 1950's and the 1960's. a period of immense stability very low inflation. very low unemployment. universal growth. we had other problems. the lease from the macroeconomic point of view, it was a golden age. why did it end? because the global surplus of recycling mechanism could no longer be sustained. why? because the united states stopped having a surplus by the end of the 1960's. how can you recycle surplus if you cannot have it. -- if you do not have it? enter a young turk in 1971. actually, he was the american, but you know what i mean. well, paul volcker -- that name may ring a bell. in 1971, pau
Search Results 0 to 2 of about 3